Crypto rally lifts ether to new record, bitcoin to near 3-week high
Bitcoin rose to a two-and-a-half-week peak on Monday and ether climbed to a fresh record as cryptocurrencies ride higher on a wave of momentum, flows, favourable news and inflation fears. Ether is up 57% since the start of October and bitcoin about 50% as investors have cheered last month's launch of a U.S. futures-based bitcoin exchange-traded fund and sought exposure to an asset class sometimes regarded as an inflation hedge. In recent weeks Australia's biggest bank has said it will offer crypto trading to retail customers, Singaporean authorities have sounded positive on the asset class and spillover from a positive mood in stocks has also leant support. Last week New York Mayor-elect Eric Adams said he would take his first three paychecks in bitcoin and signaled his intention to make his city the "centre of the cryptocurrency industry" after a similar pledge from Miami's mayor.
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